MMK/GBP Currency Pair Forecast

MMK/GBP currency pair price up 0.210% on Friday
(Updated on May 17, 2024)

MMKGBP Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 0.210%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The MMK/GBP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at £0.0004 and £0.0004. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Wednesday, August 23, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for MMK/GBP currency pair

MMK/GBP finds support from accumulated volume at £0.0004 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved £0.00000084 between high and low, or 0.225%. For the last week the currency pair has had daily average volatility of 0.225%

Our recommended stop-loss: £0.0004 (-5.64%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (MMKGBP) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect MMK/GBP to open at £0.0004, and during the day (based on 14 day Average True Range), to move between £0.0004 and £0.0004, which gives a possible trading interval of +/-£0.00000181 (+/-0.49%) up or down from last closing price. If MMK/GBP takes out the full calculated possible swing range there will be an estimated 0.97% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £0.0004 (0.22%) than the support at £0.0004 (0.29%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is MMK/GBP currency pair A Buy?

MMK/GBP holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.719 Hold/Accumulate Unchanged

Predicted Opening Price for MMK/GBP of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.